SINGAPORE (Feb 10): Ryobi Kiso has swung back into the black in 2Q17 with earnings of $435,000 from a loss of $7.94 million in 2Q16 when it recorded a one-off unrecoverable progress claim written off of $7.4 million.
The group also reversed to earnings of $607,000 in 1H17 from a loss of $7.8 million in 1H16.
Revenue for the three months ended Dec fell 37.6% to $33.8 million. The revenue contribution from the group’s bored piling operations decreased by 56.2% to $14.1 million in 2Q17. Revenue contribution from its eco-friendly piling, geoservices and other
operations decreased 6.8% to $19.3 million mainly due to lower value of work undertaken.
Cost of sales decreased 44.1% to $29.0 million in tandem with decrease in business activities.
As at Dec 31 2016, the group’s net order book stood at $193.9 million, comprising projects from public infrastructure, public housing, residential, commercial and geoservices.
In its outlook, the group expects public infrastructure projects to be the key support for construction sector in 2017 and remains cautious about the local and regional markets where it operates and will continue to secure more projects.
Shares of Ryobi Kiso closed flat at 18 cents on Friday.
